Insolvency Guardian Media Centre

Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
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New York REIT, Inc. to Issue a $2.00 Per Share Cash Liquidating Distribution – PR Newswire (press release)
Investors should note that the ex-dividend date is set by the NYSE.  Under the rules of the NYSE, when a
First retail collapse of 2018 prompts expert warnings that more fashion pain to come – SmartCompany.com.au
Insolvency and retail experts have warned fashion brands should expect to be crunched for yet another year, with womenswear brand
Capital restructuring eyed to address PT&T debt woes – Inquirer.net
Listed Philippine Telegraph & Telephone Corp. (PT&T) is poised to implement a capital restructuring plan that would settle long-running obligations
The fastest way to wipe credit card debt in 2018 – NEWS.com.au
MANY Australians will have arrived in 2018 armed with hefty credit card debt that could cause financial heartache if not
Bankrupts enjoy ‘lavish lifestyles’ – BBC News
Image caption Barry Hughes owed £10m when he declared himself bankrupt Criminals and dishonest debtors are exploiting weaknesses in the
Capital restructuring eyed to address PT&T debt woes – Inquirer.net
Listed Philippine Telegraph & Telephone Corp. (PT&T) is poised to implement a capital restructuring plan that would settle long-running obligations
Alnylam and Sanofi Enter into Strategic Restructuring of RNAi Therapeutics Rare Disease Alliance – Business Wire (press release)
CAMBRIDGE, Mass. & PARIS--(BUSINESS WIRE)--Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), the leading RNAi therapeutics company, and Sanofi announced today a strategic
Airbus prepares for generation shift at the top in landmark year – Financial Times
Peggy Hollinger, Industry Editor January 7, 2018 A joke has been doing the rounds in Toulouse, cradle of Frances aerospace
Calls for farmers to get unique finance restructuring solutions to avoid being ‘destroyed’ – Independent.ie
David Hall wrote in today's Sunday Business Post that the Irish farming community faces 'farmageddon' if more farm-related debt is
Caltex sees fuel supply skills opening doors in overseas markets – The Australian Financial Review
Caltex Australia has its eye on more Asian investments and supply contracts as it looks to take advantage of the
Somalia calls for accelerated debt relief to fight terrorism – Financial Times
David Pilling January 7, 2018 Somalias prime minister has called on multilateral lenders to accelerate the debt-forgiveness process so that
MAT relief to firms facing insolvency – The Hindu
The Income Tax Department has relaxed norms for levy of Minimum Alternate Tax (MAT) on companies facing corporate insolvency proceedings.With

Investors should note that the ex-dividend date is set by the NYSE.  Under the rules of the NYSE, when a distribution is declared in a per share amount that exceeds 25% of a company’s stock price, the date on which that company’s shares will begin to trade without the dividend, or ex-dividend, is the first business day following the payment date.  Accordingly, the NYSE has informed the Company that it will set an ex-dividend date for the cash liquidating distribution of January 29, 2018.  On the record date of January 19, 2018, the NYSE will attach a due bill to the shares of NYRT which represents the right to receive the distribution payable on January 26, 2018.  Consequently, if a shareholder as of the recor…

Read the full article at: https://www.prnewswire.com/news-releases/new-york-reit-inc-to-issue-a-200-per-share-cash-liquidating-distribution-300578424.html

Insolvency and retail experts have warned fashion brands should expect to be crunched for yet another year, with womenswear brand Maggie T the first high-profile Australian retailer to enter administration in 2018.

An insolvency notice from the Australian Securities and Investments Commission confirms Maggie T Corporation appointed voluntary administrators Cameron Gray and Justin Holzman of DW Advisory to the company on January 3.

The plus-size clothing business, launched in 1981 with actress Maggie Tabberer as the face, lists 28 bricks-and-mortar stores on its website.

The companys administrators did not return SmartCompanys requests for comment about the administration prior to publication.

However, the news comes after a bum…

Read the full article at: https://www.smartcompany.com.au/industries/retail/maggie-t-collapse-more-fashion-pain-to-come/

Listed Philippine Telegraph & Telephone Corp. (PT&T) is poised to implement a capital restructuring plan that would settle long-running obligations ahead of the entry of a foreign strategic partner.

A key feature of the plan, according to PT&T chief operating officer Miguel Bitanga, is the conversion of its creditors into preferred shareholders, which was outlined under the companys court-mandated rehabilitation.

This was linked to a series of steps, including increasing PT&Ts authorized capital. This would pave the way for the entry of a strategic partner, deemed crucial in PT&Ts goal of becoming a third telco player to challenge incumbents PLDT Inc. and Globe Telecom.

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This is one of the things we are now resol…

Read the full article at: https://business.inquirer.net/243715/capital-restructuring-eyed-address-ptt-debt-woes

MANY Australians will have arrived in 2018 armed with hefty credit card debt that could cause financial heartache if not reined in.

The damage from the festive season has already been done, but the full extent may not be realised until credit card statements begin to roll in. Starting a brand new year off in the red can be demoralising, even though as a nation we are no strangers to debt Reserve Bank of Australia data shows we owe more than $51.2 billion on plastic and more than $31.6 billion is accruing interest.

While paying with credit can seem like a good idea at the time, this is not the case when the debts cannot be paid off by the due date and interest charges of 20 per cent and higher begin to apply.

INVESTING: Five investments tip…

Read the full article at: http://www.news.com.au/finance/money/budgeting/the-fastest-way-to-wipe-credit-card-debt-in-2018/news-story/49061933048b60555af3a87d27c20e54

Image caption

Barry Hughes owed £10m when he declared himself bankrupt

Criminals and dishonest debtors are exploiting weaknesses in the bankruptcy system to keep hold of their assets and wealth, a BBC investigation has revealed.

The BBC team found former millionaires enjoying lavish lifestyles, seemingly untouched by insolvency.

Convicted fraudster Barry Hughes, who declared himself bankrupt in 2014 owing £10m and claiming he had no assets, was seen along with his wife driving a line of luxury cars worth £500,000.


…

Read the full article at: http://www.bbc.com/news/uk-scotland-42597623

Listed Philippine Telegraph & Telephone Corp. (PT&T) is poised to implement a capital restructuring plan that would settle long-running obligations ahead of the entry of a foreign strategic partner.

A key feature of the plan, according to PT&T chief operating officer Miguel Bitanga, is the conversion of its creditors into preferred shareholders, which was outlined under the companys court-mandated rehabilitation.

This was linked to a series of steps, including increasing PT&Ts authorized capital. This would pave the way for the entry of a strategic partner, deemed crucial in PT&Ts goal of becoming a third telco player to challenge incumbents PLDT Inc. and Globe Telecom.

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This is one of the things we are now resol…

Read the full article at: http://business.inquirer.net/243715/capital-restructuring-eyed-address-ptt-debt-woes

CAMBRIDGE, Mass. & PARIS–()–Alnylam
Pharmaceuticals, Inc. (Nasdaq: ALNY), the leading RNAi therapeutics
company, and Sanofi
announced today a strategic restructuring of their RNAi therapeutics
alliance to streamline and optimize development and commercialization of
certain products for the treatment of rare genetic diseases.
Specifically, Alnylam will obtain global development and
commercialization rights to its investigational RNAi therapeutics
programs for the treatment of ATTR amyloidosis, including patisiran and
ALN-TTRsc02. Sanofi will receive royalties based on net sales of these
ATTR amyloidosis products. Sanofi will obtain global …

Read the full article at: https://www.businesswire.com/news/home/20180107005093/en/Alnylam-Sanofi-Enter-Strategic-Restructuring-RNAi-Therapeutics

Peggy Hollinger, Industry Editor

A joke has been doing the rounds in Toulouse, cradle of Frances aerospace expertise and home to Europes industrial champion, Airbus. What does Airbus do? It makes cars that fly and jets that stay on the ground.

The jest neatly encapsulates concerns that have been voiced inside and outside Airbus, as the company prepares for a generational shift in its executive ranks this year after a turbulent 2017.

While Airbus explores new markets with prototypes for futuristic flying taxis, it has struggled to deliver its popular A320neo single aisle aircraft due to problems with its new Pratt & Whitney geared turbofan engine. 

Meanwhil…

Read the full article at: https://www.ft.com/content/5a636aee-f0aa-11e7-ac08-07c3086a2625

David Hall wrote in today’s Sunday Business Post that the Irish farming community faces ‘farmageddon’ if more farm-related debt is passed on to vulture funds.

He says that banks currently control much of Ireland’s farm-related debt, but that many of these loans may be sold to vulture funds, “with disastrous consequences for rural families and communities”.

Mr Hall goes on to say that with over 30,000 family home loan accounts are in arrears by two years or more, but that farm families are “worst affected”.

“For a farmer in mortgage arrears, it is not just the family home that is at risk; it also includes the family business, income and livelihood, often for a number of family members.”

He writes that agri-lending was…

Read the full article at: https://www.independent.ie/business/farming/agri-business/finance/calls-for-farmers-to-get-unique-finance-restructuring-solutions-to-avoid-being-destroyed-36465057.html

Caltex Australia has its eye on more Asian investments and supply contracts as it looks to take advantage of the skills in its Ampol fuel sourcing and trading business and prepares for an expected peaking of local demand for petrol and diesel in 10 to 15 years.

Chief financial officer Simon Hepworth said Caltex’s recent deal to buy 20 per cent of independent Philippines fuel retailer SEAOIL, which followed an acquisition in New Zealand six months ago, would help build the credibility of Singapore-based Ampol as a wholesale supplier in Asia, which could lead to more openings in the region.

“There is no reason why Ampol cannot leverage [its] capability and supply fuel into markets other than Australia,” Mr Hepworth said in an …

Read the full article at: http://www.afr.com/business/retail/caltex-sees-fuel-supply-skills-opening-doors-in-overseas-markets-20180107-h0ekfu

David Pilling

Somalias prime minister has called on multilateral lenders to accelerate the debt-forgiveness process so that the country can access funds to fight terrorism and its underlying causes.

Somalia owes around $4bn, most of it interest and penalties on nearly three-decades-old loans made to the former military government of Mohamed Siad Barre, whose overthrow in 1991 plunged the country in the Horn of Africa into years of lawlessness and civil war.

Those arrears make it almost impossible for Mogadishu to access new funds from the International Monetary Fund or the International Development Association, the soft loan arm of the World Bank that has…

Read the full article at: https://www.ft.com/content/142e8e9a-f22c-11e7-ac08-07c3086a2625

The Income Tax Department has relaxed norms for levy of Minimum Alternate Tax (MAT) on companies facing corporate insolvency proceedings.

With effect from assessment year 2018-19 (FY2017-18), in case of a company, against whom an application for corporate insolvency resolution process has been admitted by the adjudicating authority under…the IBC, the amount of total loss brought forward (including unabsorbed depreciation) shall be allowed to be reduced from the book profit for the purposes of levy of MAT under section 115JB of the Act, it said. This is to minimise hardships faced by such firms, said the Central Board of Direct Taxes.

Read the full article at: http://www.thehindu.com/todays-paper/tp-miscellaneous/tp-others/mat-relief-to-firms-facing-insolvency/article22389523.ece

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